Rushanara Ali

This Labour Government are rebuilding our economy, rebuilding our public services and addressing the cost of living pressures that our constituents face. This Budget will make a huge difference to my constituents’ lives, thanks to the cuts to energy bills, the freeze on rail fares, increases in the living wage and action to tackle child poverty. Inflation is coming down, and forecast interest rates are also coming down. Growth is forecast to rise this year, and business investment is forecast to rise over the course of this Parliament. We inherited a dire situation, with public services on their knees, chronic under-investment and a fiscal black hole. For 14 years, Tory Governments presided over austerity, stagnant wages, the chaos of leaving the European Union, and the Liz Truss mini-Budget fiasco that sent markets into a panic, mortgage rates soaring, and inflation rates to over 11%. The cost of leaving the EU is now estimated to be far more than previous estimates: a recent report by Stanford University found that Brexit is reducing the UK’s GDP by 6% to 8%, with the impact accumulating gradually over time. That report also found that investment has reduced by between 12% and 18%, employment has reduced by 3% to 4%, and productivity has also reduced by 3% to 4%.